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Posts: 23
Eminent Member
Topic starter

Is there a lot of Forclosures in the VI? If so is there a website that someone might know of to search these listings? Thanks

Posted : July 28, 2011 8:18 pm
Posts: 3919
Famed Member

My understanding is there are few forclosures in the USVI. Practices are very different here, no big bubble burst.

But I'm sure someone with real knowledge will chime in.

Posted : July 28, 2011 8:46 pm
Posts: 23
Eminent Member
Topic starter

Ok thanks... I was just wondering what the market was like and maybe doing a little research for possible furture purchase. Thanks again!

Posted : July 28, 2011 8:56 pm
Exit Zero
Posts: 2460
Famed Member

Many local people here purchase land, build a the cistern and downstairs apt 1st, all with cash - maybe they will take an equity loan on this property and improvements to build the top floor which will be the main residence but it may be done over a few years - always with cash on hand - very few people get underwater with a bank, thus few foreclosure proceedings.
Maybe the higher end Villa buyers will get behind on payments as they realize the rentals do not cover the mortgage and this may be true even more on the condo purchases if the monthly condo fees experience an assessment increase totally unexpected by the owner.
People living in their own homes rarely are even close to a foreclosure problem.

Posted : July 29, 2011 4:20 am
Posts: 956
Prominent Member

Fiscal responsibility amongst the private population here is far greater than that in the states so we don't have many foreclosures. It is one of the aspects of the local culture that I admire quite a bit. People live within their means as they should and refuse to enslave themselves to a bank.

The downside seems to me that because no one has that sense of urgency to make the money to cover their loan the sense of urgency to work harder is sometimes be diminished. When faced with the prospect of being booted from your home most work harder to avoid eviction. When the consequence for being out of work is simply not to be able to expand or enhance your home the incentive to work harder is reduced. This situation is good for the individuals who don't have a mortgage but at a macroeconomic level it's an interesting phenomenom. Maybe I'm completely off base too, just seems like it would be an interesting Freakonomics study.


Posted : July 29, 2011 1:51 pm
Posts: 1085
Noble Member

Go to a realtor and ask them. they have the listings. But there are VERY few based on the cistoms here of paying mostly cash.

There may be a few hurricane damaged homes left also.


Posted : July 31, 2011 12:29 pm
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